Covid effect on salaries: Just 10% firms gave hikes, increments down to 3.6%
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BENGALURU, Aug. 24 -- A mere 9% of companies have given their teams salary increments of 10% or more this year, the effect of a slowing economy and covid-19. The average hike across sectors has come down to 3.6%, an all-time low. In 2019, close to 90% of companies gave increments of about 8.6%.
These are some of the findings of the 2020 Workforce and Increment Trends survey conducted by Deloitte Touche Tohmatsu India. Around 350 organizations participated in the survey, which spanned seven sectors and 25 sub sectors.
Life sciences and ITeS were among the sectors that gave their employees higher raises, but here too the average increment is about 7%. Companies in manufacturing and services sectors, which have been badly affected by the l...
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